Paramount Global is cutting 3.5% of its U.S. workforce, impacting around 650 employees based on its 18,600-strong staff as of December 31, 2024, according to an internal memo cited by Reuters.
The layoffs, announced Tuesday morning, may extend to some non-U.S. employees over time, per the memo from co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins. This follows a 15% staff reduction in August as the company faces a "generational disruption" from declining cable TV subscriptions and a shift to streaming platforms like Netflix.
The co-CEOs stated the cuts are necessary to streamline operations. Paramount is also navigating a proposed $8.4 billion merger with David Ellison’s Skydance Media, which awaits regulatory approval amid a $10 billion lawsuit filed by former President Donald Trump in October against CBS News. The lawsuit claims deceptive editing in a Kamala Harris interview. CNBC first reported the layoffs.
The co-CEOs stated the cuts are necessary to streamline operations. Paramount is also navigating a proposed $8.4 billion merger with David Ellison’s Skydance Media, which awaits regulatory approval amid a $10 billion lawsuit filed by former President Donald Trump in October against CBS News. The lawsuit claims deceptive editing in a Kamala Harris interview. CNBC first reported the layoffs.
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